In our spotlight on Business report, keeping a 40 year old transportation fund alive.

Both the Senate and Assembly today voted to reauthorize New Jersey's Transportation trust fund by increasing the gas tax over the next five years and adding a fee on electric vehicles.

It's a move that's been fiercely defended by supporters who say the money is needed to ensure statewide infrastructure projects get done.

But others have been critical about the lack of transparency in the process.

Ted Goldberg reports from Trenton.

The Transportation Trust Fund is a Phil Murphy's signature away from continuing for at least five more years, bringing with it automatic annual fees for electric vehicle owners and a higher gas tax.

Nobody likes to raise a tax, but it was absolutely needed to protect the safety and health of our citizens.

Those who own electric vehicles do not pay into the transportation trust fund for use of the roadways.

And I think all of us have a shared obligation to make sure our roadways are kept.

This fund has been used to build construction projects statewide, and the Senate vote passed mainly along party lines.

State Republicans objected to annual gas tax increases of $0.02 a gallon for five years and the process by which this bill was drafted.

There is no one here saying do nothing.

What we're saying is do it smarter and do it at a lower cost to the taxpayers of New Jersey who are the most beleaguered taxpayers in the country.

Why are we slamming through this legislation like it was the last day of a lame duck?

Clearly, this is a policy that needs to be addressed.

The plan passed by the Senate and Assembly will lead to an estimated ten cent per gallon raise over the next five years and new fees for EV owners.

A $250 registration fee, which will increase to $290 in 2028.

Senator Anthony Bucco says the Republican plan didn't raise the gas tax, while Democrats argue their plan was more financially feasible.

More money in the transportation Trust fund.

A longer period of time for the program, more roads fixed at the local level.

All of these things could have been completed if Republicans had a seat at the table.

If we go ahead with my friends and colleagues plans on the other side of the aisle in about 2 to 3 years from now, our entire debt defeasance fund and our surplus will be fully, fully capped.

Some folks support the bill, but not quite in its entirety.

That is a schizophrenic policy, just sending the wrong message to drivers.

This needs to get fixed.

Environment NJ director Doug O'Malley says EV owners shouldn't be saddled with new fees and hopes Governor Murphy will conditionally veto this bill until there are incentives to offset the new charges.

No one is saying that EV drivers shouldn't pay their fair share, but this is a punitive charge which is going to turn away potential EV drivers.

At the sales desk, at car dealerships.

There's been a lot of diligence that is going in to select this fee amount and make sure that this is appropriate based on what a normal driver would do at the gas pump.

So we feel pretty confident that this fee is warranted and also appropriate for everyone who uses the roadways.

Not everybody thinks those fees are appropriate, but they'll be part of the deal with EVs if Governor Murphy signs this bill.

These are scheduled to go into effect on July 1st and would raise more than $2 billion.

In the state House, I'm Ted Goldberg.

NJ Spotlight News.

Support for the business report provided by the New Jersey Chamber of Commerce announcing its New Jersey Business Summit and Expo March 26th and 27th at Harrah's in Atlantic City.

Event Details online at NJChamber.com.